If you’re tired of the 9-to-5 grind, want to be your own boss or fancy yourself an entrepreneur, owning a franchise might be ideal for you.
Such a venture can be costly. However, as the Franchise Business Review’s recently released “Top Low-Cost Franchises of 2017” ranking shows, many less expensive options are available.
In “Could You Profit With a Franchise? Consider These 11 Pros and Cons,” we detailed the potentially steep costs associated with launching a franchise. They include expenses you wouldn’t have to pay if you started your own business from scratch — such as buying into the company.
As we reported, a McDonald’s franchise requires an initial investment of $1 million to $2.2 million, and a UPS Store requires $178,000 to $403,000.
On the other end of the spectrum, the Franchise Business Review, a market research firm, ranks 80 brands — all of which require a minimum investment of less than $100,000 — based on survey data from 13,000 franchisees representing 123 brands. “Only brands whose franchisees ranked them highly made the cut,” the firm explains.
Franchise Business Review continues:
“Starting your franchise research with franchisee approved brands helps to increase your chance of success. You’ll notice as you review the list of Top Low-Cost Franchises that there is one for every budget and interest.”
The No. 1 ranked brand is 9Round Kickboxing, whose franchisees own 9Round fitness and kickboxing gyms. The startup investment is $66,600 to $102,700.
A number of even less expensive franchises made the list as well.
For example, of the 10 highest rated franchises, Baby Boot Camp requires the lowest startup investment — $4,570 to $10,800. It franchisees offer what the company describes as “fitness, nutrition, and community support for moms,” such as 60-minute “stroller fitness classes” for pregnant women, new moms and moms of stroller-age children.
The top 15 brands on Franchise Business Review’s list are:
- 9Round (fitness and kickboxing gyms)
- A All Animal Control
- ActionCOACH (business coaching)
- Aire-Master (odor control and commercial hygiene services)
- Amazing Athletes (children’s sports programs)
- American Poolplayers Association (amateur pool league)
- Apex Fun Run (student leadership development)
- Assisting Hands Home Care
- Auto Appraisal Network
- Baby Boot Camp
- CarePatrol (senior housing placement service)
- College Hunks Hauling Junk (junk removal and moving services)
- Complete Weddings & Events (wedding and event services)
- Cruise Planners (travel agency)
- CruiseOne (travel agency)
If a minimum investment of thousands of dollars still sounds like a lot of money, remember that financing is out there — see “Ask Stacy: Where Do I Find the Money to Start a Business?”
To learn more about starting your own business, check out:
- “25 Hobbies That You Can Turn Into Moneymakers“
- “5 Questions Before Turning Your Hobby Into a Business“
- “7 Reasons Why Your Small Business Should Incorporate“
Would you ever consider becoming a franchisee? Let us know why or why not by commenting below or on our Facebook page.